Bain Capital Ventures said it led the $133 million private placement, which was the private equity firm’s first purchase of cryptocurrency tokens. Other investors included Alphabet’s GV venture capital arm and Andreessen Horowitz.
Formerly known as Basecoin, Basis is developing a cryptocurrency whose supply is controlled by an algorithm rather than a central bank. In contrast, bitcoin and most major cryptocurrencies have a fixed supply. Changes in demand can then send prices in wild swings.